Barclays has said it will pubilsh a report into how staff attempted to
manipulate Libor as it attempts to repair its reputation in the wake of last
week's revelations.

Barclays has pledged to complete an internal inquiry within months into how some of its staff attempted to manipulate Libor.

Barclays

The bank said it would carry out a “root and branch review of all past practices” and would commit to making the findings of its work public.

Sources close to Barclays said the review, which will be led by an as yet unnamed “third party”, would take “months, not years”, but added there was not a timetable for the work.

Sir Michael Rake was yesterday appointed deputy chairman of Barclays following the resignation of chairman Marcus Agius. The review will be presented to Sir Michael and a panel of the bank’s non-executive directors when it is completed.

Bob Diamond, chief executive of Barclays, said the report would lead to a code of conduct at the bank and that he would establish a “zero tolerance policy” for those found in breach of the new rules.

Among the tasks of the review will be to identify aspects of the bank’s culture and business practices that led to the scandal over the manipulation of Libor.

“I am committed to ensuring that the recommendations from this review are implemented in full,” wrote Mr Diamond in a message sent to Barclays staff on Monday.

“The actions that I have laid out are by no means an exhaustive outline of the change that we need to undertake to restore Barclays reputation and standing with our stakeholders.”

Former investment banker, Sir David Walker, who last year undertook an independent review of the Financial Services Authority’s report into the collapse of Royal Bank of Scotland, has been suggested as a potential leader of the of the review.